The second wave of the COVID-19 virus is upon us. While it’s just getting started and we are seeing numbers start to rise again, there is no question it will…
The second wave of the COVID-19 virus is upon us. While it’s just getting started and we are seeing numbers start to rise again, there is no question it will have an impact on the economy and sales job market. The real question many sales talents and companies are thinking about is will it lead to a crash?
We all saw the economic impact the first wave of the coronavirus had on the job market. Fortunately, the Canadian economy has been able to recover many of the jobs that were lost in the first round of the shutdown. In total, we lost 3 million jobs, but we’ve also gained back all but 750,000 of these jobs.
“Canada’s economy is bouncing back in recent months following the lifting of pandemic lockdowns. The labour market recovered nearly two-thirds of jobs lost during the height of the pandemic. Sadly, the recovery is losing momentum because of a major disruption, the second wave of COVID-19,” says Christopher Liew, CFA in Will the 2nd COVID Wave Bring a 2nd Market Crash?
He adds, “The Conference Board of Canada forecasts the pace of economic recovery to flatten, if not stall, between now and mid-2021. Aside from the rising cases of COVID-19, the cold weather in winter will aggravate the situation. On the investment front, stocks might be facing another swift and severe market crash.”
So, how will a second wave impact the sales job market? Here are some potential outcomes from Toronto sales recruiters.
With the number of cases of the virus on the rise, it’s clear the numbers are trending in the wrong direction. This is a cause for concern.
“What’s worse, though, is that case numbers are rising as Canada’s economic recovery has lost some of its velocity, and it could lose more still if an increasing number of coronavirus cases keeps wary customers at home and forces the need for more government-imposed restrictions on people and businesses. Further compounding the problem is that winter is drawing near, causing concern for businesses that may have been finding additional revenue by operating outdoors,” says Geoff Zochodne in the Financial Post.
As the economy goes, so will the sales job market. If there is another large shutdown, we can expect sales companies to put hiring on hold. We can also expect layoffs and adjustments to work conditions, such as changes to work schedules. What sales companies, and others, do have going for them is we’ve been through this before. We now know what to expect, we are better positioned to handle the pandemic, and we have the resources to manage it much better than the first time.
“Put it all together and the second wave of the virus could mean a second wave of layoffs for some firms. And although these job losses may not be as breathtaking in scale as in the early days of the pandemic, it would start by hitting industries that have already been hit plenty hard, straining the already-strained,” says Zochodne.
It’s still impossible to predict whether or not there will be a crash in the sales job market, but there are some trends we can expect:
There are still many unknowns in play. Will the second wave of the coronavirus crash the sales job market? It’s not clear. But, whether you are a sales company or job candidate, you need to be prepared for anything.
COVID-19 has affected the sales industry just like many others. Learn more about how to manage your sales team during this crisis, how to survive the tough market conditions, and how to have success during the pandemic. Check out these blogs by our sales recruiters:
SalesForce Search is a Toronto sales recruiting company that specializes in the recruitment and placement of sales professionals. We recruit salespeople in every sector of the economy including, software, manufacturing, financial services, and medical devices. Find the right salesperson for your organization, start your search here.
Rhys is a tenacious, top performing Senior Sales Recruiter with 15+ years of focused experience in the Digital Media, Mobile, Software, Technology and B2B verticals. He has a successful track record of headhunting top performing sales candidates for some of the most exciting brands in North America. He is a Certified Recruitment Specialist (CRS) and has expert experience in prospecting new business, client retention/renewals and managing top performing sales and recruitment teams. Rhys enjoys spending quality time with his wife, son, and daughters, BBQing on a hot summer day and tropical vacations.